How to calculate personal income tax on wages in 2020?

How to calculate personal income tax on wages in 2020?

Our country's laws stipulate that if a worker's wage income reaches the standard for paying wage tax stipulated by the state, then the excess amount must be subject to personal income tax according to the relevant tax rate. So what is the formula for calculating personal income tax on wages in 2020? The following content has been compiled by the editor for you, welcome to read.

1. 2020 wage individual income tax calculation formula The calculation formula for wage individual income tax is: Tax payable = (wage and salary income - "five insurances and one fund" - deductions) × applicable tax rate - quick deductions The starting point for individual income tax is 5,000, and the calculation method using the excess progressive tax rate is as follows:
Tax payment = monthly taxable income * tax rate - quick deductions Actual wages = payable wages - four housing funds - tax payment Monthly taxable income = (payable wages - four housing funds) - 5000
2. Methods of collecting personal income tax on wages Personal income tax is collected through two methods: source withholding and self-declaration. The unit or individual that pays the income is the withholding agent for personal income tax. If a taxpayer obtains salary income from more than two places and has no withholding agent, or if there is a withholding agent but the withholding agent fails to withhold and pay taxes in accordance with the tax law, the taxpayer shall declare and pay taxes on his own.
The generally listed tax-inclusive and tax-exclusive brackets are both income amounts after deducting relevant expenses in accordance with tax laws; second, the tax-inclusive brackets apply to wages and salaries for which taxes are borne by the taxpayer; the tax-exclusive brackets apply to wages and salaries for which taxes are paid by others (units).

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